French court clerks will start using blockchain technology to keep records of firms’ legal status across the country. The National Council of Clerks (NCC), which represents commercial and corporate registry clerks, said on March 14 that it had successfully completed blockchain trials and is ready to implement the distributed ledger system across the nation.
The blockchain platform was created by IBM and NCC and will be deployed soon by the clerks serving in all commercial courts of France. The ledger was built on the Hyperledger Fabric network and is projected to bring transparency and proficiency in legal processes.
NCC Corporate Registry Blockchain
The NCC aims to capitalize on blockchain technology, which is labelled as ‘the single version of the truth’. The ledger monitors a company’s growth, termination, location, etc. Data sharing among the companies in NCC’s registry has been a big issue since time in memorial.
Notably, the technology will be applied in recording and sharing information associated with “the exchanging of supervisory data associated with companies’ problems”, and “the modification of the status of the firms registered on NCC’s corporate registry blockchain platform”. This comprises information such as business names, registration court offices, the creation of branch offices, and company dissolution.
In a pilot study, NCC successfully managed to minimize the duration of updating the records from weeks to a single day. The body discovered that blockchain technology is useful for this application, refining the clerks’ responsibilities and acclimatizing to the evolving nature of their duties.
NCC’s president Sophie Jonval has stated:
“This project, which is the result of an autonomous initiative between clerks of commercial courts and IBM, is the continuation of our efforts to be pioneers in the adoption of innovative technologies, to strengthen the quality of the public service provided by the commercial justice system, dedicated to the expectations and requirements of today’s multipolar and interconnected economic world.”
IBM’s Blockchain Adoption Mission
IBM has built numerous business blockchain networks and filed several blockchain-based patents. Moreover, the establishment posts the highest number of blockchain careers, according to the latest study done by The Next Web.
Recently, IBM collaborated with blockchain group and credit union service provider CULedger to build blockchain-based products for the credit union establishment. These products will upgrade services like digital ID management, KYC compliance, credit and financial services, and other customer services that need verification.
Early this month, IBM announced two more patents are levelling network security using the distributed ledger system and based on database handling utilizing the invention.
It is pleasing to learn that ground-breaking inventions are being implemented at the forefront of big government organizations. Such an adoption of blockchain technology in France’s corridors of justice will stir more blockchain adoption considerations worldwide.